Apple shares declined significantly for a second consecutive session following reports of substantial Chinese limitations on iPhones at government offices and state-backed entities amidst escalating tensions between China and the United States.
Shares of the world’s largest publicly-traded company dropped by 2.8 percent to $177.79 during late morning trading on Thursday, after experiencing a 3.6 percent decrease on Wednesday due to a Wall Street Journal report stating that China prohibited the use of Apple smartphones in central government agencies.
A Bloomberg News report on Thursday revealed that China intends to extend the ban to government-backed agencies and state companies, thereby expanding the policy’s impact in a centrally-planned economy.
This action occurred amidst the increasing tensions between Beijing and Washington.
China has placed greater emphasis on utilizing domestically produced tech products, as technology has become a significant national security concern for both Beijing and Washington.
Government agencies and state-owned enterprises (SOEs) in both countries have been at the forefront of promoting such a campaign.
Original from www.aljazeera.com